Cornerstone Wealth Management LLC Purchases New Position in FirstEnergy Corp. (NYSE:FE)

Cornerstone Wealth Management LLC acquired a new stake in shares of FirstEnergy Corp. (NYSE:FEFree Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 5,105 shares of the utilities provider’s stock, valued at approximately $203,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FE. Brighton Jones LLC acquired a new stake in shares of FirstEnergy in the fourth quarter worth about $256,000. Whalen Wealth Management Inc. bought a new stake in FirstEnergy during the fourth quarter worth approximately $664,000. Bartlett & CO. Wealth Management LLC grew its holdings in FirstEnergy by 46.8% during the fourth quarter. Bartlett & CO. Wealth Management LLC now owns 1,646 shares of the utilities provider’s stock valued at $65,000 after purchasing an additional 525 shares during the last quarter. Dakota Wealth Management raised its position in shares of FirstEnergy by 28.7% in the fourth quarter. Dakota Wealth Management now owns 7,384 shares of the utilities provider’s stock valued at $294,000 after purchasing an additional 1,646 shares during the period. Finally, AHL Investment Management Inc. acquired a new stake in shares of FirstEnergy in the fourth quarter worth $879,000. Institutional investors own 89.41% of the company’s stock.

FirstEnergy Trading Up 0.4 %

Shares of FE stock opened at $39.18 on Monday. The firm has a fifty day moving average of $40.35 and a 200-day moving average of $41.80. The stock has a market cap of $22.58 billion, a price-to-earnings ratio of 25.27, a P/E/G ratio of 1.97 and a beta of 0.52. FirstEnergy Corp. has a 52-week low of $35.41 and a 52-week high of $44.97. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.46 and a current ratio of 0.56.

FirstEnergy (NYSE:FEGet Free Report) last released its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $0.85 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.05). FirstEnergy had a net margin of 6.64% and a return on equity of 11.38%. The company had revenue of $3.73 billion for the quarter, compared to analyst estimates of $3.96 billion. During the same period in the previous year, the firm posted $0.88 earnings per share. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities research analysts forecast that FirstEnergy Corp. will post 2.67 earnings per share for the current fiscal year.

FirstEnergy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Friday, February 7th will be paid a dividend of $0.425 per share. The ex-dividend date is Friday, February 7th. This represents a $1.70 annualized dividend and a yield of 4.34%. FirstEnergy’s dividend payout ratio is currently 109.68%.

Wall Street Analysts Forecast Growth

FE has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their target price on shares of FirstEnergy from $45.00 to $46.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Seaport Res Ptn cut FirstEnergy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 31st. Jefferies Financial Group started coverage on FirstEnergy in a report on Monday, October 14th. They issued a “hold” rating and a $46.00 target price on the stock. Wolfe Research lowered FirstEnergy from an “outperform” rating to a “peer perform” rating in a report on Thursday. Finally, KeyCorp reduced their price objective on FirstEnergy from $48.00 to $47.00 and set an “overweight” rating for the company in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $46.27.

Check Out Our Latest Stock Analysis on FE

About FirstEnergy

(Free Report)

FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. It operates through Regulated Distribution and Regulated Transmission segments. The company owns and operates coal-fired, nuclear, hydroelectric, wind, and solar power generating facilities.

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Institutional Ownership by Quarter for FirstEnergy (NYSE:FE)

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